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How unsafe practice cost Imperial Bank billions

Collapsed Imperial Bank, Westlands. [Beverlyne Musili, Standard]

A former receiver manager of the collapsed Imperial Bank has narrated how they discovered anomalies worth billions of shillings that cost the bank its fortune.

Mohamed Ahmed Mohamud testified that the bank in one instance paid W.E Tilley Limited Sh7 billion which was above the limit allowed to be paid to a single party before the chairman of the bank's board of directors raised an alarm about the financial improprieties.

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